April 22, 2013

Apparently $3 million is “an amount sufficient to finance an annuity of not more than $205,000 per year in retirement.” We’ve written before about the false promises of annuities and annuity calculators. But clearly Obama needs a refresher. . . . To have his $205,000 standard of living, you would need at least $4.7 million at age 65. Your account value would have to continue increasing to ensure it kept up with inflation.

You may believe the government needs to collect more money in taxes. But this proposal is an awful way to do it.